Fresh Start Accounting

New Beginning for Companies Emerging From Chapter 11

Bankruptcy allows insolvent companies to continue operating with substantially reduced debt and – through the “fresh start” process – a clean balance sheet. However, the process is complex: Multiple stakeholders are making demands and leaders of the emerging entity or successor company must work rapidly to put together a credible reorganization plan.

Crowe Horwath LLP offers a comprehensive, full-service approach to help you manage all of your valuations, tax, and bankruptcy related concerns and your fresh start accounting, per the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC 852).

Crowe’s fresh start accounting services are provided by senior-level professionals and include:

  • Accounting standards assistance;
  • Fair value assessment of tangible and intangible assets;
  • Bankruptcy accounting and insolvency services such as interim management, reorganization plans, recovery alternatives, and exit strategies; and
  • Tax services to account for net operating losses, valuations, reorganization value, and other aspects of income tax accounting and regulatory requirements under FASB ASC 740, "Income Taxes."

Crowe’s full range of fresh start guidance provides a single point of contact to help you manage multiple technical areas and reduce liability risk.

FASB ASC is a trademark of the Financial Accounting Standards Board in the United States and other countries.

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Mary Ann K. Travers